Gold, silver gain on low-level buying

The bullion market began the new year on a positive note, with gold rising Rs 225 to Rs 30,025 per 10g and silver gaining Rs 45 to Rs 43,800 a kg on Wednesday, on emergence of buying at prevailing lower levels for the ensuing marriage season.

In Mumbai, gold of 99.9 and 99.5 per cent purity advanced Rs 100 each to Rs 29,630 and Rs 29,480 per 10g, respectively, while silver lost Rs 460 at Rs 44,540 a kg. Traders said emergence of buying at prevailing lower levels for the upcoming marriage season mainly led the recovery move in precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded Rs 225 to Rs 30,025 and Rs 29,825 per 10g, respectively. It had lost Rs 320 in last two sessions. Sovereign held steady at Rs 25,100 per piece of eight grammes.

In line with a general firm trend, silver ready recovered Rs 45 to Rs 43,800 and weekly-based delivery Rs 5 to Rs 43,960 a kg. It had lost Rs 1,245 in last two days.

However, silver coins lacked necessary buying support at existing higher levels and plunged Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling 100 pieces.